Nestle and Hsu Fu Chi agree sweet deal

Nestle agrees to pay $1.7 billion to forge a partnership with Singapore-listed confectionery major Hsu Fu Chi as it seeks to strengthen its business in China.

Nestle is aiming to boost revenues in markets such as China (ImagineChina)

Nestle will buy 60% of Chinese confectionery company Hsu Fu Chi International for S$2.07 billion $1.7 billion as it seeks to strengthen its foothold in China. The founding family of the Chinese confectionery company will continue to own the remaining 40% and manage the company.

Nestle’s chief executive officer Paul Bulcke is aiming to boost revenues from emerging markets to 45% of its total by 2020, up from around one-third currently. In April this year,...